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A Management Buyout (MBO) of AFM is going to happen imminently, according to the facilities management and building services provider.
It follows the news that its parent company, the Garenne Construction Group (GCG), has begun the process of being liquidated.
Joint liquidators were appointed to ‘wind down’ GCG after it was found to be insolvent following the collapse of its largest construction business, Camerons, which is based in Jersey.
Naturally all eyes then turned to the other remaining businesses under the GCG umbrella, including; AFM, Granite Le Pelley and Rabeys.
AFM (Amalgamated Facilities Management) has since released a statement outlining its position in the wake of GCG’s insolvency:
“We are pleased to inform you that the Managing Directors of AFM Guernsey and AFM Jersey, together with the Chief Executive of AFM have been actively pursuing a Management Buyout (MBO), which we are looking to conclude imminently. This would transfer the full ownership of AFM away from Garenne Construction Group Limited and their appointed administrators whilst providing our loyal staff and suppliers the required stability they deserve.
“We strongly believe that the AFM management are in the best position to lead AFM going forward, allowing for a seamless transition that allows the company to grow from strength to strength as we have been doing over the last three years.
“We are grateful for the support and commitment of our 320 colleagues as we continue to provide the highest level of service and expertise to our extensive, valued customer base including the services to both public and private sectors that are critical to the health and safety of our local community.”
Express has reached out to GLP and Rabey’s for an update on their current positions.
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